A measure of overall prices at a particular point in time is called:

A manufacturer of wood chippers estimates that the probability of a fatal accident caused by the design of its product is 1/40,000 and the value of a life lost is $2 million

The manufacturer can change the design to eliminate that chance for $60 per wood chipper and is prepared to incorporate all cost-justified precautions. Will the manufacturer change the design? What would the benevolent social planner think about the manufacturer's decision if the true probability of a fatal accident is actually 1/30,000?

A doubling of the current minimum legal wage is likely to confer the most benefit and impose the least harm on members of which group listed below?

A) Employers who own small businesses B) Highly skilled workers C) Shareholders of large corporations D) Teenagers E) Unskilled workers